The recently released August update of Adobe Premiere Pro (23.6) brings improvements in editing the ARRIRAW format, in addition to problem fixes. Thanks to improved color management and some new options, footage should reliably look good regardless of workflow.
Color management settings for ARRIRAW are accessed via Interpret Footage > Color Navigated. In the Color Settings panel, the automatically detected Log C Media color space can be used, the color space can be overridden, or an input LUT can be applied. Regardless of the media color space selected, Premiere Pro is said to ensure that footage is converted to match the sequence's color space.
Adobe says that since the Premiere Pro 23.1 release, ARRIRAW should be able to play back directly in real time without the need for transcoding, thanks to GPU debayering. Exporting ARRIRAW is said to be up to 15 times faster.